Authors :
Dr. P. Kalaiselvi
Volume/Issue :
Volume 8 - 2023, Issue 8 - August
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
http://tinyurl.com/yhjwnuhp
DOI :
https://doi.org/10.5281/zenodo.8314867
Abstract :
"One India, One Tax" is expected to became
true through the Rajya Sabha endorsing the Constitution
(101st Amendment) bill, 2016 on August 3rd 2016. Then and
there several meetings were conducted to execute the Good
and Service Tax (GST) in India but it was postponed due
to some political reasons competing stakeholder interests.
Many states have opposed for the execution of Goods and
Services Tax (GST). Then they were convinced and
assured by the central government to pay compensation
and additional percentage of revenue to meet the expenses
for the respective state government. GST was presumed to
get into effect on Ist April - 2017, but it was also deferred
due to some clarification needs in the online portal for
registration and filing of GST. The Goods and Services
Tax (GST) have finally been came into force on 1
st July,
2017 after a long process and struggle. It is a
comprehensive tax scheme which integrate all indirect
taxes imposed by the state government and central
government and united financial system, into a single
nationwide market.The fundamental objective of GST
progress is to incorporate all indirect taxes in India, like
Service tax, VAT, Sales Tax, Octroi duty, Excise duty,
Customs duty and so on, by implementing "One India,
One Tax" system to avoid the cascading effect on various
taxes.Hence, this article emphasized the existing
taxation system, importance of GST, impact of GST on the
Indian economy, Strength, Weakness Opportunities, and
Threats of GST execution in India.
Keywords :
Stakeholder, Corporate Bodies, GST, Cascading Effect, GST Execution.
"One India, One Tax" is expected to became
true through the Rajya Sabha endorsing the Constitution
(101st Amendment) bill, 2016 on August 3rd 2016. Then and
there several meetings were conducted to execute the Good
and Service Tax (GST) in India but it was postponed due
to some political reasons competing stakeholder interests.
Many states have opposed for the execution of Goods and
Services Tax (GST). Then they were convinced and
assured by the central government to pay compensation
and additional percentage of revenue to meet the expenses
for the respective state government. GST was presumed to
get into effect on Ist April - 2017, but it was also deferred
due to some clarification needs in the online portal for
registration and filing of GST. The Goods and Services
Tax (GST) have finally been came into force on 1
st July,
2017 after a long process and struggle. It is a
comprehensive tax scheme which integrate all indirect
taxes imposed by the state government and central
government and united financial system, into a single
nationwide market.The fundamental objective of GST
progress is to incorporate all indirect taxes in India, like
Service tax, VAT, Sales Tax, Octroi duty, Excise duty,
Customs duty and so on, by implementing "One India,
One Tax" system to avoid the cascading effect on various
taxes.Hence, this article emphasized the existing
taxation system, importance of GST, impact of GST on the
Indian economy, Strength, Weakness Opportunities, and
Threats of GST execution in India.
Keywords :
Stakeholder, Corporate Bodies, GST, Cascading Effect, GST Execution.
